№ 10/2015

Fìnansi Ukr. 2015 (10): 53–76

MARKET OF FINANCIAL SERVICES

NAUMENKOVA Svitlana ¹, MISHCHENKO Volodymyr ²

¹Taras Shevchenko National University of Kyiv, Research ID : http://www.researcherid.com/rid/N-5604-2019
OrcID ID : https://orcid.org/000-0001-8582-6044
²Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0002-8565-2686

Macroprudential instruments in financial stability mechanism

In the article the essence and main tasks of macroprudential policy were investigated. It was found some differences between the financial stability tools and macroprudential instruments. Based on review of international practice there were specified approaches to selection of macroprudential instruments for practical application. The necessity of orderly use of macroprudential instruments depending on the sources and distribution channels of systemic risks was substantiated. The classification of macroprudential instruments was given according to the approaches of the Group of Twenty, the International Monetary Fund and the Bank for International Settlements. There were specified approaches to formation of the list of macroprudential instruments depending on economic development and financial sector vulnerability to internal and external shocks. The additional macro prudential instruments to monitor sovereign risk were suggested. Moreover, it was emphasized the increasing vulnerability of the banking sector in Ukraine and, as a result, it was proposed to extend the list of prudential instruments in order to limit the spread of systemic risks and improve the sustainability of the domestic financial system. The conclusion on the necessity of development of financial sector supervisory and coordination mechanisms and the introduction of comprehensive monitoring of systemic risks as a prerequisite to restore financial stability in Ukraine was grounded.

Keywords:systemic risk, macroprudential policy, macroprudential instruments, financial stability, prudential supervision

JEL: E58, G28

NAUMENKOVA S. . Macroprudential instruments in financial stability mechanism / S. . NAUMENKOVA, V. . Mishchenko // Фінанси України. - 2015. - № 10. - C. 53-76.

Article original in Ukrainian (pp. 53 - 76)

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